- QNT has recently made a descending channel pattern in a daily timeframe.
- It is currently trading at $87.5 with an intraday growth of 1.52%.
- The token is down from its all-time high by 79.58%.
The QNT token marked its yearly high of $165 in the ending week of January. Since then, the price of the token has declined almost by 50%. It has recently made a descending channel pattern.
The token marked its all-time high on 11th Sep 2021 when the token was priced at $428.38.
It is currently trading with a repulse in the trading volume of 37.3% in the last 24 hours.
The present market cap of the token is $1.05B. It has a current circulating supply of 12.07M QNT, which is 81.13% of its total supply. The 24-hour trading volume of the token is $10.30M.
Sentiment Analysis
The price of the token has decreased by 3.153% and the volume of the token has increased by 2.78% in the last 1 week. The average social dominance has declined by 10.28% and total bullish sentiments have dropped by 15.06%. The overall sentiments are presently showing a bearish price action in the price.
Technical Analysis Of the QNT Coin (Daily-1D)
As we can see the price after getting below the 200-day EMA made a descending channel pattern. The price also broke below the support levels of $101 and $97 and came down to the support level of $85. The price recently got support from the bottom of the channel from where it is trying to move upwards.
The coin price can go further bullish till $97 if it breaks out from the top of the channel. Suppose the QNT coin price breaks the resistance level of $97 with a sizable volume, we can see it between $101 and $112 levels. If the price breaks the resistance level of $97, it is also important to get above the $101 level. Once we get above $104.6 which is the 200-day EMA level, it can easily reach $112.
If QNT Token price gets rejected from the top of the falling wedge, it will continue to move under the descending channel. If the price gives a breakout above from the channel and gets rejected from the $97, it can fall to the $85 which is a support level.
Indicators About QNT
Relative Strength Index (RSI)
The RSI line is presently moving at 39.77 points and the SMA 14 is moving at 39.77 points. The RSI is below the neutral level of 50. If the RSI falls below 30 points, it will enter the oversold region. From there a buying activity can be seen and the price can start going up.
Moving Average Convergence/Divergence (MACD)
The fast blue line moving average is above the red slow line moving average. The histogram is showing very low volumes, which is a bearish sign for the price. If the price has to move bullish, the volume has to be significantly increased.
QNT LIVE CHART
Conclusion
We should wait for the price of the QNT token until it gives a breakout from the descending channel with a sizable volume. That will give an upward movement. Also, If the price gets rejected from the top of the channel or from the resistance level of $97, it can fall again to the level of $85 support.
Technical Levels
- Support: $85
- Resistance: $97, $101, $112 and $119
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.